Commentary
August jobs printed at 315,000 new jobs, somewhat above the consensus estimate of 300,000 jobs. It was more than 200,000 fewer jobs  than were created in both July 2022 and August 2021. June and July revisions combined to create 107,000 fewer jobs than were previously reported. It is generally believed that 200,000–250,000 jobs are required to accommodate population growth.
The unemployment rate was 3.7 percent, up 0.2 percentage points from last month and down 1.5 percentage points from 5.2 percent last August. The labor force participation rate was 62.4 percent, up from the 61.7 percent that printed in August 2021, and up 30 basis points (bps) from July. (A basis point is defined as 1/100th of a percentage point.)…